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On May 12, South African President Cyril Ramaphosa addressed the nation on television, denying any wrongdoing in the 2020 theft from his private farm and emphasizing that he would not resign. On the same day, the South African National Assembly decided to initiate impeachment proceedings to reopen the investigation into allegations of misconduct against Ramaphosa. On May 8, the Constitutional Court ruled that the National Assemblys obstruction of further investigation four years ago into the theft of approximately $580,000 in cash from Ramaphosas private farm was unconstitutional. The Constitutional Court ordered the National Assembly to establish an impeachment committee to review the relevant reports and decide whether to initiate formal impeachment proceedings against Ramaphosa.On May 12th, the International Organization for Standardization (ISO) officially released five international standards in the natural gas sector, spearheaded by my country. These standards will provide a "Chinese solution" for cost reduction, efficiency improvement, and security assurance in the global energy market through precise quantitative indicators. In shale gas development, the series of international standards led by my country, titled "Determination and Calculation of Shale Brittleness Index," addresses the pain points of difficulty in identifying high-quality reservoirs and high costs of fracturing in shale gas development. For the first time, it standardizes a technical framework for compressibility evaluation at the international level. After applying this standard, the accuracy rate of identifying high-quality shale reservoirs is expected to improve by about 10%, supporting an increase in the success rate of single-well exploration and development from the industry average of 65% to over 85%. The operating cost of a single shale gas well can be reduced by more than 10%.1. Russian reports indicate the ceasefire agreement has expired. 2. Russian Ministry of Defense: Ukraine violated the ceasefire agreement. 3. Finnish President: Europe should consider direct dialogue with Russia. 4. Ukrainian Ministry of Energy: The Chernobyl nuclear exclusion zone fire is under control. 5. Zelenskyy met with the German Defense Minister to advance several military and energy cooperation initiatives. 6. Zelenskyy: Ukraine is preparing for a new attack. Ukraine and the US maintain diplomatic communication; a prisoner exchange plan between Ukraine and Russia is under discussion. 7. According to Russian reports, Ukraines attack on Russias Belgorod region resulted in one death and three injuries. 8. Russian Deputy Prime Minister Novak: Russia lowered its 2026 economic growth forecast from 1.3% to 0.4%. It lowered its 2027 GDP growth forecast from 2.8% to 1.4%; growth is expected to reach 2.4% in 2029.Top Control announced on the Hong Kong Stock Exchange that it plans to issue 65.3 million H shares in Hong Kong, priced at HK$26.39 per share, and is expected to start trading on May 20.According to the Wall Street Journal, sources say senior officials from the U.S. Department of Justice and the Department of Defense have met to discuss the investigation.

WTI stays in positive zone despite a dip in Asia

Jan 10, 2023 14:43

截屏2022-12-29 下午4.54.13_1024x576.png 

 

West Texas Intermediate, or WTI, is down during the Asian session, losing about 0.4% at the time of writing amid optimism that China's demand will increase after the government set new import limitations. However, overnight and at the start of the week, the news provided economic support for its faltering economy, while the US Dollar sank, allowing investors to enter the black gold rise at a lower cost.

 

China has reopened its borders to international visitors for the first time since March 2020, when it implemented travel restrictions. Elsewhere, China has continued to demolish a large portion of its draconian zero-COVID movement regulations. According to the BBC, incoming travelers will no longer be required to be quarantined, marking a dramatic change in the country's Covid policy as it fights an outbreak. They will continue to require documentation of a negative PCR test conducted within 48 hours after flight.

 

As a result, oil prices increased early on Monday in anticipation of an uptick in demand from China, as the nation set new import curbs and offered economic support to its faltering economy. Last observed, spot West Texas Intermediate crude was priced at $ 74.57 per barrel.

 

ANZ Bank analysts explained: "China announced a new batch of import limits, an indication that the world's largest importer is gearing up to meet increased demand."

 

"The relaxation of COVID-19 regulations has already increased travel. According to the Ministry of Transport, approximately 34.7 million domestic journeys were made on the first day of the Spring Festival travel rush. This is around 40% higher than comparable days in 2022. Approximately 2.1 billion trips are anticipated during the next 40 days. This comes amid tightened supply,'' the analysts added.

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